Core Viewpoint - Far East Horizon reported a year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, indicating stable growth in its financial business despite challenges in its industrial operations [1][2]. Financial Business: Stable Growth - The company's interest margin continues to expand, with a net interest margin of 4.06% and a net interest yield of 4.51% for the first half of 2025, compared to 3.95% and 4.47% in the first half of 2024 [2]. - The scale of interest-earning assets reached 266.6 billion RMB in the first half of 2025, showing a slight increase of 2.30% compared to the end of 2024 [1]. - Inclusive finance business has shown significant growth, with interest-earning assets increasing by over 60% year-on-year, contributing to a doubling of revenue in the first three quarters [2][3]. Industrial Operations: Facing Challenges - The equipment operation segment, primarily represented by Hongxin Jianda, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market and a strategic reduction in domestic business scale [1][2]. - The net profit for the equipment operation segment fell by over 70% year-on-year, although the decline has slightly narrowed compared to the first half of 2025 [2]. - The hospital operation segment remained stable, with a slight revenue decline but continued to maintain profitability [2]. Dividend Characteristics - The company emphasizes enhancing shareholder returns, with a projected dividend per share (DPS) of 0.25 HKD for the first half of 2025 and a payout ratio of approximately 50% [3]. - The estimated dividend yield for 2025 is around 8.0%, despite challenges in the industrial operations segment [3].
远东宏信(3360.HK)1-3Q25：盈利增长 金融业务稳健